Pricey housing burdens middle-class New Yorkers: OPINION

NY construction costs among highest in the country partly due to taxes and fees

TRD New York /
Jul.July 29, 2014 11:30 AM

Maybe Mayor Bill de Blasio should’ve called it the “tale of three cities.” The city’s most forgotten group, according to City Record managing editor Steven Malanga in a New York Post editorial, is New York’s middle class.

“From its arcane regulatory regime to the nosebleed taxes and fees it imposes on firms and individuals, City Hall drives up the cost of living and working here dramatically, making it harder for ordinary New Yorkers to get ahead,” Malanga wrote.

New York has become one of the most expensive cities in the country to build in, according Malanga. Taxes and fees tied to new development are partially responsible to the high prices and the city’s approval process adds about $200,000 per building.

Expensive housing, high taxes and high prices to construct buildings have had a powerful effect on people’s lives, Malanga wrote. [NYP] — Claire Moses

Related Articles

When Bill de Blasio announced the end of his campaign, the industry reacted largely with relief but not surprise (Credit: Getty Images and Pixabay)

De Blasio’s campaign is dead, and real estate is happy

Gary Barnett says luxury market is crowded, WeWork IPO woes continue: Daily Digest

The blackout impacted a 42-block stretch of Manhattan between the Hudson River and Fifth Avenue (Credit: Getty Images)

Con Ed still searching for answers in Manhattan blackout

Mayor Bill de Blasio and Rikers Island (Credit: Getty Images)

Real estate development not coming to Rikers Island, mayor says

Mayor Bill de Blasio and Frank Carone (Credit: Getty Images)

City tapped De Blasio donor to take over foreclosed properties

NYC is on the hunt for an Amazon replacement in Queens

Bill de Blasio and The Oval Office (Credit: Getty Images)

“It’s gonna suck for us”: Real estate sounds off on de Blasio’s presidential bid

Mayor Bill de Blasio and Commissioner Steven Banks and 127-03 20th Avenue (Credit: Getty Images and Google Maps)

Critics sue to block College Point homeless shelter